Key Metrics for September 2024
- New Listings: 30
- Up from 22 in September 2023 (+36%)
- New Under Contract: 20
- A remarkable 100% increase from 10 under contract in September 2023.
- Active Inventory (Avg): 71
- This represents a 49% increase from 48 active listings in September 2023.
- Under Contract Inventory (Avg): 28
- A smaller, but still positive, increase of 11% from 25 in the previous year.
- Total Inventory: 98
- A 36% increase compared to 72 in September 2023.
- Closings: 15
- With an average sale price of $466,767 and a median sale price of $435,000, homes are moving quickly.
- Average Days on Market (DOM): 25
- This means homes are selling in less than a month on average, a key indicator of buyer interest and demand.
- List Price to Sale Price Ratio: On average, homes in this area are selling at 182% of the list price. This suggests a highly competitive market, where homes may be priced aggressively to spark bidding wars.
- Months of Supply: 5.77 months
- A balanced supply of homes typically indicates a healthier market, where supply meets demand evenly.
What Does This Mean for Buyers and Sellers?
- For Buyers: With active inventory on the rise, there are more homes to choose from, but be prepared for quick decisions. The market remains competitive with homes selling at strong prices and spending less time on the market.
- For Sellers: If you’re thinking about selling, this is still a great time. Homes are closing quickly, and prices remain strong. An increase in inventory doesn’t seem to be slowing down the pace of the market, which is excellent news for sellers aiming for quick transactions.
Looking Ahead
As we compare this year’s September performance to last year, we see that the market continues to show robust growth in terms of both listings and buyer activity. However, it remains essential for both buyers and sellers to stay informed as market dynamics can shift with little notice.
If you’re looking for personalized advice on how to navigate these trends, feel free to reach out! We’re here to help.
Reach out if you are curious about your home’s current value!
Nick Irwin | BaseNashville
615.418.0563
nick@basenashville.com
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ONWARD
615.656.8599
